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Final

Final Exam Study Guide.docx

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Department
Economics
Course
CAS EC 102
Professor
Jay Zagorsky
Semester
Spring

Description
SophiaFoutsitzisEC10220TFand80MCBASICCONCEPTSEconomicsisthestudyofhowsocietymanagesscarceresourcesFiveKeyideasIncentivesoNegativewhenanactionleadstopunishmentoPositivewhenanactionleadstogettingrewardedInterconnectionsoEntireworldiseconomicallyconnectedNonZeroSumGamesoFinancialmarketsareanonzerosumgameMoneyoItisabigincentivesandincentivesmatteroSignalofqualityoMeasuringstickoEliminatesbartermakessocietymoreproductiveScarcitymeansthatatanymomentintimeneedsanddesiresaregreaterthanavailableresourcesoEasytoseeinpoorplacesoAlsoexistsinrichcountriestimeoTradeoffsexistinordertogiveupsomethingduetoscarcityNosuchthingasafreelunchWORLDPOPULATIONResourcesarefixedintheshortrunPopulationcangrowveryquicklyinshorttermPossibilitypopulationbeyondcarryingcapacitySOCIALSECURITYSocialSecurityTaxHalfpaidbyemployerhalfbyemployeeCompanyhastopayforonesetofbenefitsatleast2typesofpensionDefinedBenefitDBoGoodifyouarestayingatcompanyforalongtimeoCompanyshouldersalltheriskbasedoncompanyinvestmentsdoingwellornotDefinedContributionDCoGoodifyouplantoswitchjobsalotoEmployeeshouldersalltheriskchooseswhattypeofinvestmentDependencyratioIftherearemorechildrenthaneldersdependencyratiowontbeaproblemSocialsecurityreducesbirthrateshoweverworksagainstitssystemMarginalpropensitytoconsumeMPCmarginalpropensitytosaveMPS1MPCisoutofwealthandincomeSUPPLYDEMANDDemandhowmuchpeoplewantandareabletobuyatacertainprice
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